Since EIP-1559 took effect in August, Ethereum has now burned over 1 million Ether from circulation. At today’s prices, that’s over $4.2 billion in value.
Torching The Ethereum Network
Data from Watch The Burn reveals the Ethereum network’s achievement of this latest milestone. At the time of writing, it shows that 1 002 000 ETH have been burned since the London hard fork on August 5th. The network has proven capable of maintaining its high burn rate, which saw its first $1 billion destroyed within about a month.
In that time, nearly 1.5 million Ether have been minted and distributed to miners as block rewards. That said, there have been times when the burn rate exceeded the issuance rate, such as earlier this month.
The London hard fork was intended to lower transaction fees by changing Ethereum’s fee structure. Instead of having fees transferred to miners, they are now compensated almost entirely through block rewards. Meanwhile, fees are sent to a burn pool, where funds wi
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